More inclusive international tax architecture is needed: UN report

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UNITED NATIONS, April 15 (Xinhua) -- UN Under-Secretary-General for Economic and Social Affairs Liu Zhenmin on Monday presented the findings of the Inter-Agency Task Force on Financing for Development's 2019 report, as it suggested that the international tax architecture needs to continue to be more inclusive.

Noting that many key investments in the Sustainable Development Goals remain underfunded, which puts progress at risk, Liu said at the 2019 Economic and Social Council (ECOSOC) financing for development forum that the report is an urgent call to coordinate global financing efforts.

According to the report, the world economic growth remains steady at around 3 percent, but has likely peaked, and a number of countries, including around 30 least developed and other vulnerable countries, are either already in or at high risk of debt distress.

Noting that more inclusive international tax architecture is needed, the report said that the voices of all countries need to be part of discussions on setting new tax norms.

"It is critical to pay attention to the potential impact on small and poor countries, which already lag behind in their ability to raise revenue," said the report, adding that putting the needs and capacities of those countries at the forefront of analysis and decision-making would help create a fairer international tax system and advance sustainable development.

Furthermore, all countries should aim to participate in international efforts to strengthen tax transparency; at the same time, more work needs to be done to enable developing countries to benefit from information-sharing networks, especially the poorest countries, the report said.

Liu also underlined the need to harness the potential of innovation to strengthen developing financing and manage risk more carefully. Enditem

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